Boston, MA 10/01/2013 (wallstreetpr) – On close of business on September 27, Cardium Therapeutics Inc (AMEX: CXM) announced that New York stock exchange had got in touch with its management to understand the background to the unusual market activity its stock had experienced during trading on September 27. The stock of CXM shot up by over 27% in one single day of trading. At September 27 close of business, the share had settled at $1.03 which was a 30 day high valuation for the stock.
In the light of NYSE queries, the share price of CXM dropped by 8.7% when trading commenced on September 30. The share price had settled at $0.94 as of 9:30 AM EST on Monday, September 30.
In spite of the stock losing some of its last week gain, the share had appreciated by 27% in the last week and was up 30% last month. At these appreciated levels of valuation, the stock was trading 80% below its 52 week high valuation and was up 62% from its 52 week low price.
Launch of new insurance policy for prostate cancer patients
Some of the appreciation in value in the past 30 days is aligned with some positive developments that CXM has engineered. On September 16 Cardium Therapeutics announced that the launch of a new life insurance policy which would be issued by Symetra Life Insurance Company. This insurance policy would cover men suffering from prostate cancer. Cardium will be jointly marketing this insurance product with its commercialization partner AgencyONE.
Cardium is a pharmaceutical company which specialises in acquisition, strategic development and quick commercialization of identified target drugs. The company operation is organized into four business units. These are “LifeAgain® Insurance Solutions which sells term life insurance, Angionetic Biologics™, Activation Therapeutics and To Go Brands®”. The firm has a market capitalization of $6.6 million with sales of $1.9 million.